Considering refreshing or renovating your investment property? The way you present your property to the rental market can have a significant impact on securing a great tenant and rental return.
According to Justine Wilson, Principal Stylist at Vault Interiors the key is to be conscious of making decisions based on personal taste if you do not plan to live in the property.
Here are her top tips for decorating your investment property:
1. Stick to neutral tones
Select neutral colours that will appeal to a broader audience and be less likely to date.
“A fresh coat of paint will brighten a room and rejuvenate the space,” says Justine. “Cream, pebble grey or taupe tones are great options for medium sized homes with natural light. If natural light isn’t abundant or the room is small, try white instead. A slightly tinted white will make the property feel larger and brighter.”
2. Select hard-wearing flooring
“Charcoal and white tiles are on trend,” says Justine. She also recommends taupe and mid-tone grey carpet which will be forgiving with spills or stains.
If selecting floorboards sand back the original wood and apply a hard-wearing polyurethane topcoat. Floating floorboards can be a cost effective option, a light oak or grey wash tone will enhance the feeling of space.
3. Don’t neglect outdoor areas
A low maintenance garden or outdoor entertaining area can be an appealing feature for tenants. “If possible, consider adding paving or decking to create a useable outdoor space,” says Justine.
Other low maintenance options to consider for the outdoor area are:
- Astro turf, especially if the space has dual usage as a parking space;
- plants such as Yuccas and succulents; or
- sprucing up empty garden beds with woodchips, mulch or pebbles.
4. Utilise dead space
Storage can be a big drawcard for prospective tenants, especially in apartments and terrace homes.
“Look for areas of dead space such as under the stairs or wide corridors where joinery can be added,” says Justine. “Installing built-in-robes in bedrooms is essential too.”
Consider creating a study nook to add value and eliminate dead space.
5. Create Aspirational Living
Leasing your property furnished can attract a higher rental return and have advantageous tax breaks.
Depending on the location and type of property you have, furnishing it could present a great investment strategy to attract a high-quality tenant such as a relocating executive looking for a turn-key solution.
“A furnished property affords you more control over the presentation and the ability to capitalize on aspirational living,” says Justine. A turn-key furniture package for landlords is a great solution that takes the hard work out of sourcing, assembling and setting up the furniture yourself.
Speak to your Property Manager about whether this strategy will work for your property.
About Laing & Simmons Double Bay Property Management
Laing + Simmons Double Bay Property Management is part of a high-profile franchise group yet remains independently owned by Principals Suzie Reid and Bart Doff.
The office is acknowledged as the market leader in prestige Eastern suburbs leasing, a reputation which has been forged in over 25 years leasing and managing a large portfolio of the best properties available in the Eastern Suburbs rental market.
Contact us today to see how we can help manage your investment property, or to find a rental property to suit your needs.